I am talking like 1 million dollars house, Or even a 15 million dollar house in hawaii. I do make 1800 dollars a month for disabilitey. I am into real estate on top of that. Do you think they would let me get a house like that with just a big down payment?
2007-11-30 15:21:46 · 6 answers · asked by Anonymous in Business & Finance ➔ Renting & Real Estate
A down payment of $100,000 on a $1M property leaves you with a mortgage amount of $900,000. With an 8% interest rate (those Jumbo's are a killer these days) you will have a payment of around $6,600 per month. Even before taxes and insurance your $1,800/month income is about $4,800 short.
So the short answer is NO. Of course you would already know this since you are "into real estate".
2007-11-30 15:31:16 · answer #1 · answered by troythom 4 · 2⤊ 0⤋
100,000 is not a big down payment on a million dollar home and your payments would be more then you make. I purchased an 800,000 home, put 300,000 down and my payments are 2500 a month and that does not include property tax.
2007-12-01 08:35:38 · answer #2 · answered by KathyS 7 · 0⤊ 0⤋
your income is 1800 a month this means you can afford about a 600.00 a month payment. so to answer your ? your limited to about 180,000 house for now. or invest into income property's and in a year or so buy a house for you're self.
2007-11-30 23:31:39 · answer #3 · answered by Curtis R 4 · 1⤊ 0⤋
yeah no u have to show that u can pay the mortgage not just the down payment
2007-11-30 23:26:59 · answer #4 · answered by Dani 2 · 0⤊ 0⤋
No bank will approve a multimillion dollar loan/mortgage if you have that small of a salary.
2007-11-30 23:27:08 · answer #5 · answered by Nate 3 · 2⤊ 0⤋
you can get a really nice house, but not any house you want.
2007-11-30 23:25:21 · answer #6 · answered by Sufi 7 · 0⤊ 0⤋